Belarusbank seals deal with EDB on $40m loan for trade financing

MINSK, 6 June (BelTA) - The Eurasian Development Bank (EDB) and ASB Belarusbank signed an agreement on financing foreign trade operations of Belarusbank clients in the EDB member states, BelTA learned from the EDB official website.

The relevant agreement was signed by EDB Managing Director for Assets and Liabilities Dmitry Ladikov-Royev and ASB Belarusbank Executive Director Viktor Perepelitsa, the post on the website reads.

According to the agreement, the EDB will grant a $40 million loan for 5 years. Belarusbank will then provide its clients with credits for a term between 3 and 12 months. All the credits will be assigned to finance export and import operations between the EDB member states. Trade financing can be obtained in U.S. dollars, euros, Kazakhstani tenge, and Russian rubles.

According to Dmitry Ladikov-Royev, all the credits allocated for trade financing will be used to support export and import operations aimed at intensifying mutual trade between the EDB member states. The EDB managing director views trade financing as a short-term but powerful driver of mutual trade that helps promote integration.

Viktor Perepelitsa highlighted that the agreement will help develop trade and economic partnership between the EDB member states. “Belarusbank is Belarus' major bank. It has quite ample opportunities to finance business. The agreement signed with the EDB will provide new possibilities for our corporate clients to build up trade with the economic entities of the EDB member states, promote the dialogue between the partners from these states, and accelerate integration,” he added.

Established by Russia and Kazakhstan in 2006, the Eurasian Development Bank is a financial institution aimed at promoting market economy of its member states, their sustainable economic growth, and amplifying mutual trade and economic ties. The Bank's charter capital totals US $7 billion. The EDB member states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.

ASB Belarusbank is the largest full-service financial institution in Belarus offering all types of services and products. The bank operates a large branch network. ASB Belarusbank is the country's leading bank in such indicators as the level of capital, assets, credits, and deposits.